The Beijing-based lender didn't give any details about the deal but said it expects the share sale to be completed in the third quarter.

Bank of America said Monday it is selling about half its stake in CCB for cash proceeds of about US$8.3 billion, a move that would shore up the U.S. bank's liquidity position and help it meet regulatory standards.

Bank of America had 25.6 billion CCB shares, or a 10% stake, including the 23.6 billion shares that emerged from a lockup period Monday. The bank will be free to sell the remaining shares in 2013.

Bank of America's sale of about 13.1 billion common shares is expected to result in a gain of about US$3.3 billion. Bank of America will retain a stake of about 5% in CCB.

A consortium that includes Singapore state investment company Temasek Holdings Pte. Ltd. and its wholly owned hedge fund Seatown Holdings acquired a 5% stake in CCB from Bank of America, people familiar with the situation said Tuesday.

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